DiamondBuzz
The right time to Increase De Beers stake: Botswana’s mines minister
Botswana’s mines minister Bogolo Kenewendo says it’s “absolutely” the right time to discuss the government increasing its 15 per cent stake in De Beers.
She indicated that Anglo American, which owns the other 85 per cent of De Beers, was moving closer to an initial public offering (IPO) and that Botswana was pushing for a larger stake.
Anglo announced last week that it was likely to write down the value of De Beers from its current $7.6bn, as a result of persistent weak diamond demand, especially in China.
Botswana’s diamond, which accounts for over 70 per cent of the country’s export earnings, has been severely hit by the global slump in demand.
In the last nine months of 2024 Debswana – its 50/50 joint venture with De Beers it sold $1.53bn of rough, down 52 per cent on the same period in 2023.
DiamondBuzz
Lucara Sells 2,488-Carat Motswedi,The World’s Second-Largest Diamond
Recovered In August 2024 At The Karowe Mine In Botswana, Originally Weighing 2,492 Carats Before Cleaning
Lucara Diamond Corp. sold the 2,488-carat Motswedi, the world’s second-largest rough diamond behind the iconic 3,106-carat Cullinan.
Neither the sale price nor the buyer (whether HB Trading, a museum, or a private collector) was disclosed.
Recovered in August 2024 at the Karowe mine in Botswana, originally weighing 2,492 carats before cleaning
The sale was included in Lucara’s Q2 revenue of $41.0 million, representing a 6% year-over-year dip (down from $43.7 million in Q2 of the prior year).
Unclear Share: Lucara did not specify what portion of the $41.0 million total came directly from Motswedi.
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